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Palmetto Citizens Federal Credit Union, headquartered in Columbia, S.C., joined a growing list of financial service providers becoming certified as a Community Development Financial Institution (CDFI).
The $1.3 billion Palmetto Citizens announced its new CDFI certification Friday that will allow the credit union, which serves more than 80,000 members in the central part of the state, to get access to federal money, grants and tax credits to focus its efforts to expand its services to low-income and underserved communities.
Palmetto Citizens CEO Robert Dozier, Jr. said, "We're excited to earn this designation on behalf of the communities we serve and the people who live and work there. The loan, grant and investment opportunities available to us as a CDFI will allow us to increase the impactful mission-driven work we're already doing of bringing low-cost financial solutions to areas in the Midlands most in need."
For Dozier, the CDFI certification came less than three months after taking over the leadership position following longtime CEO Nick Wodogaza's retirement at the end of January.
According to a statement from Palmetto Citizens, the credit union plans to focus the CDFI funds "to areas most in need of financial assistance to benefit their residents and small businesses, as well as help generate economic growth within these communities."
Dozier added, "As we look for ways to continue to make a positive impact throughout the Midlands, being among the financial institutions with the CDFI designation will go a long way in helping us truly make a difference in peoples' lives, which is what Palmetto Citizens is all about."
Just last week, the U.S. Department of the Treasury announced $600 million in CDFI Fund grant money was awarded to more than 200 credit unions around the country.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
